US property prices 'will increase' in 2011

Property prices in the US are set to stabilise this year before beginning to rise once again, those looking to buy property in the US may be interested to learn.

Nicholas Marr, chief executive officer at Homesgofast.com, has forecast a revival in the country's real estate market adding that he believes that prices will eventually start to creep upwards once again.

Mr Marr's comments follow the publication of new figures from the US Department of Commerce which show that there was a decline in the number of privately-owned housing starts in December 2010 compared to the previous month.

The total number of new projects fell by 4.3 per cent last month and by 8.2 per cent year-on-year, the government department said.

However, Mr Marr remains positive about the future of the market, despite the "disappointing" statistics.

"The US housing market has taken a severe battering and recovery is not going to be overnight. The scene is now set in 2011 for a gradual recovery of the market, which means some states will be winners and some others, losers," he said.

Like this? Then share with your friends and colleagues!